Vulture funds ‘prey on the misery and anguish’ of farmers

THE VULTURE FUNDS “prey on misery and anguish,” Carol Nolan of Rural Independents told Dáil TD.

Speaking during Questions from the Leaders, the Tánaiste was told that the vulture funds are forcing the sale of “hundreds, if not thousands” of farms.

Nolan said that personal insolvency practitioners and agricultural organizations have been “sounding the alarm for years, but the government has done nothing.”

TD Laois-Offaly said it has received calls from voters in distress, stating:

“This is not a new issue, we need a lot more government action.”

Varadkar responded by saying that if someone borrows money, “you have a responsibility to pay your debts.”

He said that people who are not paying their mortgage debts make other people pay higher interest rates. “We have to be honest about that,” he said.

Varadkar said that people who do not pay their debts “cause social harm to others.”

However, he added that those who reasonably try to pay their debts should have the time and space to do so. He said the courts are there too and are often favorable to homeowners.

“I am surprised by your lack of understanding of this issue,” said Nolan.

He said the actions of the vulture funds against farmers are “ruthless.”

“Vulture funds are faceless entities, he said. This government is allowing the vulture funds to “overflow,” he added.

Nolan told the Dáil that he is not saying that people should not pay their debts. However, he said that everyone knows that vulture funds are not available in the long term. She said they are in it for “short term gains.”

“Where is the protection for farmers from vulture funds?” Asked Nolan.

Many farmers are genuinely trying to compromise and compensate, “and these ‘faceless entities’ are not giving them space and justice,” Nolan said.

Practitioners of personal insolvency (PIP) and farm organizations have reported an increase in forced farm sales by vulture funds, according to a recent report by the Irish Independent.

It reports that a more aggressive approach by lenders since the end of the Covid-19-related moratorium on forced sales has resulted in more properties being put on the market.

Nolan has asked Finance Minister Paschal Donohue and Agriculture, Food and Marine Minister Charlie McConalogue “to immediately investigate allegations that vulture funds are participating in the forcible sale of a significant number of farms.”